OPEC Agrees to Moderate Oil Production Increase Amid Middle East Tensions

OPEC's key members, including Saudi Arabia and Russia, agreed to raise oil production by 206,000 barrels per day in April amid rising crude prices following US and Israeli strikes on Iran. The increase exceeds earlier expectations of 137,000 bpd but falls short of some proposals for larger hikes. The decision comes amid concerns over disruptions to shipments through the Strait of Hormuz, a critical oil transit route, as tensions escalate in the Middle East. Market analysts note limited spare capacity outside Saudi Arabia and the UAE, and warn that supply risks may keep prices elevated despite the output boost.